Posts

Businesses Built On Quicksand - It's Time For Smart Solutions

avatar of @erikah
25
@erikah
·
·
0 views
·
3 min read

As time passes and we go deeper into decentralized social media and finances, the more visible it becomes how vulnerable most of the businesses are.

You get all the necessary approvals, set up your business and the next big step is get some online presence as without that, you don't have a business. You get a website, a domain and you start registering your business to all the existing social media platforms (Facebook, Twitter, Instagram, YouTube etc.) as if you're not present on those platforms, you don't exist.

source

You open a couple of bank accounts, depending on how big your business is. You make a deal with the online payment processing company, so you can accept online payments as well.

You're all set now, you can start your journey and if you do your job well, your business can take off and flourish.

But how much of that is really yours?

Your social media accounts can be closed if the big guys think you did something wrong and you have no say in it. You lose all your followers and the opportunity to communicate with them. If you use your business name (which you do obviously) you can't set up another account with the same name and even so, it would take a long time to get your followers back.

In most of the cases the domain of your website is not yours, you just rent it by paying a, annual fee to a domain registrar and web hosting company. As soon as you stop paying, the domain is not yours anymore, so your website will no longer be functional.

Google, the biggest search engine has been accused before of tampering with the ranking algorithm, which means your website visibility is at the mercy of the giant. If you're not at Tesla level, you most likely can end up somewhere at the end of the search result.

Your bank account is also not yours, you have to play nice to be able to keep it. You need to play by the bank's rules, plus pay all your debts towards taxman, otherwise your bank account can be temporarily frozen, till you pay all your debts.

PayPal can also close down your account if they think you did something wrong and all of a sudden you can't offer PayPal payment option to your clients, plus you can lose your funds as well, although I'm not sure of this.

A carefully constructed business can disappear from the face of the earth in a minute, if these centralized institutions decide it. You're totally dependent on them.

As about the financial aspect, we have cryptocurrencies that can play a major role in companies success. It's still early but so far we've seen institutions buying Bitcoin, which can work as catalyst and speed up things. It's just a matter of time till other businesses join. Both Visa and Mastercard are moving towards crypto adoption. It's a process that needs a bit of time and fine-tuning, but the first steps are done and I don't think they can be turned back.

We have blockchain based social media platforms, where your account can't be closed, your wallet is yours, no one can touch it.

It's time for things to change. It's time for us to own our businesses and be able to function without being threatened by institutions. We need further developments, we need a marketplace to be able to host small businesses, crafters.

Don't forget to check your witness list, make sure you're voting Leofinance as well.

If you don't know how to vote, here's a tutorial for you

Search privately, receive better results and get rewarded with the Presearch decentralized search engine, powered by blockchain technology.

Posted Using LeoFinance Beta